EARNINGS: PNOC-Exploration’s net income up 18% in 1st 9 mos.

PNOC-Exploration Corp., the upstream oil and coal arm of state-run Philippine National Oil Co., said its net income in the January-September period went up year-on-year by 18 percent to P1.446 billion. PNOC-Exploration told the Philippine Stock Exchange Thursday that its net income improved on higher earnings from the Malampaya gas project and its coal and commercial port operations. “[PNOC-Exploration’s income was] boosted by the increase in average gas and condensate prices, increase in volume of coal sold, and bunkering services this year," the company said. The firm operates the private commercial port Energy Supply Base in Mabini, Batangas, which offers cargo handling, storage, and warehousing to various energy firms. Revenues amounted to P7 billion in the first nine months, up by 41.5 percent from P4.97 billion a year earlier, due higher volumes generated by its major business units. The company said revenues from oil and gas production totaled P3.563 billion; from coal operations, P3.2 billion; from Energy Supply Base, P239 million; and from rig-drilling operations, P26 million. Total assets amounted to P15.15 billion as of end-September, against P3.88 billion in total liabilities, the company reported. — JE/VS, GMANews,TV